The European Communities (Financial Collateral Arrangements) Regulations 2010 (S.I. No. 626 of 2010) are amended -

(a) in Regulation 2(1), by the insertion of the following definition:

"'CCP Recovery and Resolution Regulation' means Regulation (EU) 2021/23 of the European Parliament and of the Council of 16 December 2020[OJ No. L 22, 22.01.2021, p. 1.];",

(b) in Regulation 3, by the substitution of the following paragraph for paragraph (8):

"(8) Regulations 6 to 12 shall not apply to any restriction on the enforcement of financial collateral arrangements or any restriction on the effect of a security financial collateral arrangement, close out, netting or set-off provision that is imposed by virtue of Chapter 4, 7 or 8 of Part 4 of the European Union (Bank Recovery and Resolution) Regulations 2015 (S.I. No. 289 of 2015), or of Title V, Chapter III, Section 3, or Chapter IV of the CCP Recovery and Resolution Regulation, or to any restriction that is imposed by virtue of similar powers in the law of the State to facilitate the orderly resolution of an entity referred to in paragraph (2)(c) or (d) which is subject to safeguards at least equivalent to those set out in Title V, Chapter V of the CCP Recovery and Resolution Regulation.",

and

(c) by the insertion of the following Regulation after Regulation 19A: